Earned income tax credit (EITC) is one way the federal government refunds lower income families.
However, you have to meet the income requirements.
What is the income limit?
The IRS encourages people to see if they qualify for the tax benefit. The credit amount has been extended for 2022. Read more about it here.
The maximum amount of investment income you can receive and still be eligible for EITC us $10,000. The limit will be updated for inflation after 2021.
Married but separate spouses have the option of being considered unmarried to collect ETIC. The spouse claiming the credit can’t file jointly to qualify. They must have an eligible child living with them for more than half the year. There are some options:
- don’t share a primary residence with your house for t least the last 6 months of the year
- are lawfully separated under state laws with documentation and don’t live with their spouse at the end of the year ETIC is being claimed. Taxpayers must submit Schedule EIC- Form 1040 and check married but filing separately with a qualifying child.
Even if the child doesn’t have a SSN, single parents and couples with children can claim the credit.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].